Jeff Bezos Has An AI Addiction (Inspecting His Top 3 Investments)... “I Can Go Lower” -Stock Market

You know that one friend you have that overreacts to everything? 

Well the stock market today is giving us serious drama queen vibes. The Dow tanked over 750 points, and the Nasdaq decided to enter correction territory after a weak jobs report sent investors into a panic.

The S&P 500 had its worst day in almost two years, dropping 2.1%, while the Nasdaq crapped the bed by nearly 2.6%. Even the Dow and it’s dividend stocks decided to play along, dropping 1.6%.

So, how did we go from “stonks only go up” to “I’ll just have water”? Well to put it simply, July’s job growth was more disappointing than my high school prom date. The U.S. added just 114,000 jobs, way below the 185,000 expected and unemployment climbed to 4.3%, the highest since October 2021.

Big Tech didn't escape the carnage either. Amazon fell a steep 8.8% after missing revenue estimates, Intel decided to play “how low can you go” before ultimately hitting -26% following weak guidance and layoffs. Nvidia slipped over 4%, showing everyone that the 8% rally the other day was just a fakeout.

Now, with the Nasdaq officially in correction territory, the S&P 500 and Dow aren’t far behind.

Jeff Bezos Has An “AI Addiction” (Here’s His Top 3 Investments)

We all knew Jeff Bezos wouldn’t be content with just buying mansions and sailing the seas with the Kardashians forever. The man didn’t become a billionaire by taking it easy. Well guess what? 

While the rest of us are nervously wondering if AI will take our jobs or if our coffee machines will start plotting against us, Bezos is going full throttle into artificial intelligence through his family office, Bezos Expeditions. According to exclusive data from FINTRX, every single one of Bezos' 2024 investments has been funneled into AI. Talk about having a type.

Bezos Expeditions has always leaned heavily towards tech, with 70% of its portfolio in technology. But with Jeff’s recent moves, AI seems to be his “prime”-ary focus. See what I did there?

In January, Bezos invested in Perplexity AI, a search engine startup aiming to challenge Google. Perplexity raised $73.6 million, and by April, its valuation had jumped to nearly $3 billion. That’s a 3,976% gain. Not too shabby.

(Source: Fortune)

Just a month later in February, Bezos took the plunge with Figure AI, a company cooking up humanoid robots. This venture, which attracted big bucks from Nvidia and Microsoft, managed to raise a whopping $675 million. The goal? To create robots that can handle household chores like cleaning toilets and vacuuming the carpet. And let’s be honest, it's about time someone invented a robot that can find matching socks. But beyond tidying up our messy homes, these bots could eventually replace the kajillion humans slogging away in Amazon warehouses. Who knew Bezos' dream was to have a workforce that doesn't need coffee breaks or bathroom trips?

(Source: Daily Mail)

Bezos is just one of many wealthy elites who might as well name their next kid "AI." According to the UBS Global Family Office Report, Artificial Intelligence has become the main investment of the rich, with 78% of family offices planning to throw their money at it over the next few years.

But it’s not just Jeff’s private equity deals. Amazon is also heavily investing in AI, planning to spend over $100 billion on data centers and pumping $4 billion into Anthropic, an AI safety and research firm. With a hefty $13 billion cash reserve after selling a portion of his Amazon shares, I can just picture Bezos sitting in his Miami throne next to his infinity pool saying “there’s more where that came from.”

Oh, and let's not forget July. Bezos doubled down on his AI obsession, leading a $300 million investment in Skild AI, a Pittsburgh startup developing a "general-purpose brain" for robots. If you haven’t caught on, Bezos and his evil-genius laugh seem hell-bent on creating robots that could either replace us or rule over us. So, if you wake up one day to find a robot making you waffles and giving you life advice, you’ll know who to thank.

Stock.News has positions in Amazon, Microsoft, and Intel.